27 January 2016, Abuja — The Petroleum Products Pricing Regulatory Agency, PPPRA, has released the Q1 2016 import allocation for the supply of about 3 million metric tonnes of Premium Motor Spirit, PMS.

The agency in a statement signed by the Executive Secretary, Farouk Ahmed, said the Nigerian National Petroleum Corporation, NNPC, was granted 78 per cent of the total allocated volume for Q1, while the balance of 22 per cent is to be supplied by other oil marketing companies.

He stated, “Furthermore, the agency wishes to reiterate that consideration for participation in future allocations shall be on the basis of attainment of 100 per cent performance in Q1 2016.”

Accordingly, the PPPRA warned that any marketers found selling above its approved price shall be appropriately sanctioned. The sanctions include, but not limited to exclusion from future participation in product importation and revocation of licenses.

Meanwhile, the Federation Accounts Allocation Committee (FAAC), yesterday in Abuja, shared a total revenue of N367.411 billion among the three tiers of government for December 2015.

The amount is made up of N307.411 net statutory allocation for the month and N59.588 Value Added Tax proceeds.

Addressing the media at the end of the FAAC meeting, the Permanent Secretary in the Federal Ministry of Finance, Mohammoud Isa-Dutse, stated that out of the N307.411 statutory allocation, the Federal Government received N147.567 billion, states got N74.84 billion and the local governments collected N57.705 billion.

However, the oil-producing states got N27.703 billion as Derivation Fund. As for Value Added Tax, VAT, the Federal Government received N8.938 billion while states got N29.794 billion, with local governments sharing N20.856 billion.

According to Isa-Dutse the revenue for December, was N17,889 billion higher than November’s N369.882 billion.